The title industry has its own language. Many of its words and idioms are derived from the language of the law while others are common words given special meaning related to land titles. There are also words and phrases coined over the years by the title industry itself.
Glossary
R
RATE
This term, when used in the title industry, usually refers to the rate for title insurance. In this sense it means the cost per dollar unit of title insurance. For example, the rate for a ten thousand dollar title insurance policy is (so many) dollars. A rate schedule is the respective costs of dollar units of title insurance listed on an ascending scale.
REAL ESTATE
Land, including all inherent natural attributes and any man made improvements of a permanent nature placed thereon.
REAL PROPERTY
See Real Estate.
REALTOR
A copyrighted trade name which can be legally used only by those persons belonging to the
REALTOR
A copyrighted trade name which can be legally used only by those persons belonging to the National Association of Real Estate Boards. REALTY Another name for real estate.
RECORD TITLE
The aspects of a title which appear in the public records as distinguished from unrecorded title aspects and interests. REDEMPTION See Equity or Redemption.
RECORD TITLE
The aspects of a title which appear in the public records as distinguished from unrecorded title aspects and interests.
RECORDING
The act of a recorder of receiving and transcribing, in a book or on film of the public records, instruments affecting the title to real estate.
RECORDS
See Public Records.
REDEMPTION
See Equity or Redemption.
REINSURANCE
Insurance insuring an insurer. When an insurance company has issued a policy and does not want to be fully exposed to loss for the full amount of the policy, such company may purchase a reinsurance policy from another insurance company to insure that first company against a part or all of the loss which the first company may have to pay under its policy.
RELEASE
(1) To relieve from debt or security or abandon a right, such as the release of a mortgage lien from a part or all of the land mortgaged. (2) The instrument affecting a release.
RELEASE OF DOWER
(1) The deed or other instrument by which a wife releases her inchoate dower rights in land. (2) The act of releasing dower.
RELEASE OF LIEN
(1) The instrument by which a lien is released from the real estate which it encumbers. (2) The act of releasing a lien.
